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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the Veterans' |
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Land Board to issue general obligation bonds in an aggregate |
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principal amount that is greater than amounts previously |
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authorized. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-b(w), Article III, Texas |
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Constitution, is amended to read as follows: |
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(w) The Veterans' Land Board may provide for, issue, and |
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sell general obligation bonds of the state for the purpose of |
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selling land to veterans of the state or providing home or land |
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mortgage loans to veterans of the state in a principal amount of |
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outstanding bonds that must at all times be equal to or less than $6 |
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billion [the aggregate principal amount of state general obligation |
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bonds previously authorized for those purposes by prior |
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constitutional amendments]. Bonds and other obligations issued or |
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executed under the authority of this subsection may not be included |
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in the computation required by Section 49-j of this article. The |
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bond proceeds shall be deposited in or used to benefit and augment |
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the Veterans' Land Fund, the Veterans' Housing Assistance Fund, or |
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the Veterans' Housing Assistance Fund II, as determined appropriate |
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by the Veterans' Land Board, and shall be administered and invested |
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as provided by law. Payments of principal and interest on the |
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bonds, including payments made under a bond enhancement agreement |
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with respect to principal of or interest on the bonds, shall be made |
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from the sources and in the manner provided by this section for |
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general obligation bonds issued for the benefit of the applicable |
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fund. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 4, 2025. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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Veterans' Land Board to issue general obligation bonds in an |
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aggregate principal amount that is greater than amounts previously |
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authorized." |